Report says global smartphone market grew 6% year-on-year in Q2

According to the latest report released by analytical agency Counterpoint Research, the global smartphone market grew by 6% year-on-year in the second quarter of 2024; the highest year-on-year growth rate in three years.

In the second quarter of 2024, global smartphone sales increased year-on-year for the third consecutive quarter, continuing to recover from the lowest year in the past decade.

Smartphone sales increased by 6% year-on-year in the second quarter of 2024, which was the highest year-over-year growth rate since the second quarter of 2021. Almost all regions achieved year-over-year growth.

The top five brands remain consistent with previous quarters. Samsung maintains the number one spot, Apple is down slightly year-over-year, and Xiaomi has the fastest growth among the top five OEMs. Vivo ranks first in China and India, the world's two largest smartphone markets. OPPO followed closely in the top five.

The cumulative share of the top five brands has declined slightly as they face pressure from the bottom five brands that are chasing after them, mainly Huawei, HONOR, Motorola and TECNO. Among them, Motorola, which continues to expand its brand influence, has reached its highest market share in ten years.

According to preliminary data from Counterpoint Research’s Smartphone 360 ​​Monthly Tracking Report, global smartphone sales increased by 6% year-on-year in the second quarter of 2024, setting the highest year-on-year growth rate in three years. This is also the market's third consecutive quarter of growth.

In the second quarter of 2024, Europe and Latin America (LATAM) markets grew the fastest, both recording double-digit year-on-year growth, as consumer confidence and purchasing activity continued to improve compared to 2023. In China, the return of Huawei and the early start of the 618 Shopping Festival ensured the continued recovery of market popularity. Outperforming mature markets in emerging markets, especially LATAM and Asia.

Counterpoint Research expects the overall market to grow by 4% in 2024. ”

The top five brands are consistent with previous quarters. In the second quarter of 2024, Samsung maintained its leading position, thanks to strong continued sales of the AI-focused Galaxy S24 series and earlier product updates of the best-selling Galaxy A series. These phones The model has become the best-selling product in the entry-level to mid-price segment.

Samsung also leads the sales in the Android smartphone category that supports GenAI functions, and this advantage is expected to further benefit its new generation of folding screen phones.

Apple’s global sales were flat, but strong year-over-year growth in Europe and Latin America made up for the impact of low replacement rates in the United States and declining market share in China due to the rise of Huawei

However, Apple is shopping on 618. With attractive discounts offered during the holidays, sales in China have improved in the second half of the year, and new iPhones equipped with Apple Intelligence are expected to drive upgrade demand.

Xiaomi was the top five fastest-growing brands in the second quarter, year-on-year. Growth of 22%. The popularity of the Redmi13 and Note13 series, coupled with a leaner product portfolio and a stronger high-end push, helped Xiaomi gain a net market share of about 2% in the second quarter

vivo also outperformed the market, in China and India, the world's two largest smartphone markets, rank first.

OPPO ranks among the top five. In recent years, OPPO has focused on improving profitability, including releasing more products in the mid-to-high-end price range. Consistent with its high-end strategy, this choice may bring challenges to its market share in the short term, but in the long run it will bring better profitability to the brand.

The cumulative share of the top five brands has declined year-on-year. Mainly due to pressure from Huawei, HONOR, Motorola and Transsion Group brands. On the other hand, the share of the top ten brands is close to 90%, indicating that the market is consolidating and competition among the top ten brands is fierce.

Although Huawei is in the market. China has made significant progress, but HONOR and TECNO have been expanding into more regions. Motorola has risen rapidly in various regions, rising two places from last year and setting a record for the brand's highest quarterly share of the global smartphone market in ten years.

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